ANN ARBOR, MICH. — Bernard Financial Group has arranged a $9.5 million loan for South Industrial Portfolio, which includes three flex buildings in Ann Arbor. The portfolio totals 99,859 square feet and is within close proximity to the University of Michigan main campus. 2725/2805 Associates LLC was the borrower and Starwood Mortgage Capital was the lender. Dennis Bernard and Kevin Kovachevich of Bernard Financial originated the loan.
INVER GROVE HEIGHTS, MINN. — Phillips Edison – ARC Shopping Center REIT Inc., through a wholly-owned subsidiary, purchased Cahill Plaza, a 69,000-square-foot shopping center in Inver Grove Heights, for $8.4 million. SCP PE Cahill LLC, a Minnesota-based limited liability company, sold the grocery-anchored shopping center. Cahill Plaza is 96 percent leased to seven tenants, including a Cub Foods grocery store, which occupies approximately 75.4 percent of the property.
WAUKESHA, WIS. — The Vault, LLC has purchased a 29,950-square-foot industrial building at 1450 W. Ave. in Waukesha. The purchase price was undisclosed. The building, formerly occupied by package and label manufacturer Lauterbach Group, is located on five acres. Rand Wolf of The Boerke Co. represented the seller, Moe, Larry, & Curly LLC, in the transaction.
BANNOCKBURN and DEERFIELD, ILL. — NAI Hiffman has represented two owners and one tenant in three separate transactions totaling nearly 24,000 square feet of office space in Chicago’s north suburban market. In Bannockburn, Marathon Capital expanded its lease for 9,367 square feet at FGMK LLC’s property located at 2801 Lakeside Drive. At 1751 Lake Cook Road in Deerfield, L’Oreal USA signed a new lease with James Campbell Co. for 7,052 square feet of office space. Just down the street at 111 Deer Lake Road, ECD Co. signed a lease renewal with Green & Associates for 7,500 square feet. Michael Flynn and Jason Wurtz with NAI Hiffman’s office services group represented FGMK, LLC, L’Oreal USA and ECD Co. in the three separate transactions. Tim Hart of Colliers International represented Marathon Capital; Adam Showalter of CBRE represented James Campbell Co.; and Vic Sanmiguel and Peter Billmeyer of Chicagoland Commercial represented Green & Associates.
EDEN PRAIRIE, MINN. — Cypress Equities has acquired Eden Prairie Center, a 1.1-million-square-foot retail property in Eden Prairie, a suburb of Minneapolis. General Growth Properties listed the property for $99 million, according to the Minneapolis Star Tribune. Eden Prairie Center is a two-level, enclosed shopping center that has served the southwest suburbs of the Twin Cities since its opening in 1976. The mall features more than 100 shops and restaurants and boasts annual shopper visits exceeding 12 million. Completely renovated and expanded in 2001, the mall is anchored by Von Maur, Target, Kohl’s, Sears and JC Penney. The property also features an 18-screen AMC Theatres, Barnes & Noble Booksellers, Wildfire Steaks, Chops & Seafood, Biaggi’s Ristorante Italiano, Panera Bread and the new Prairie Tap House. Matthew Friday, senior vice president and market leader for SRS Real Estate Partners in Minneapolis, assisted Cypress Equities with the acquisition.
WEST DES MOINES, IOWA — Watermark Residential has begun construction of Watermark at Jordan Creek, a 176-unit, Class A multifamily community in West Des Moines. Terre Haute, Ind.-based Thompson Thrift Construction is the project’s general contractor. The community will include four four-story, wood-frame buildings and feature some parking in detached garages. Other amenities include a resort-style pool and a large clubroom. Watermark at Jordan Creek is located on a 9.2-acre site at the northeast corner of Stagecoach Drive and South 68th Street. The project is slated for completion in 2015. Dallas-based Humphreys & Partners Architects is the architect for the project.
ST. LOUIS, MO. — BMC Capital has arranged $3.9 million in acquisition financing for a single-tenant property in St. Louis. Patrick Short of BMC Capital’s Austin, Texas office arranged the financing for an out-of-state buyer. The 10-year loan includes a 5 percent fixed interest rate with a 25-year amortization schedule. QuikTrip fully occupies the building located at 8583 St. Charles Rock Road.
STRONGSVILLE, OHIO — HREC Investment Advisors has arranged the sale of a 306-guestroom Holiday Inn Cleveland Airport Hotel in Strongsville, a southern suburb of Cleveland. Sayre, Pa.-based Twin Tier Hospitality was the buyer. Ted Anka, vice president, and Geoff Davis, president and senior principal of HREC, represented the seller during the transaction. The Holiday Inn Cleveland Airport is located within one-half mile from Westfield SouthPark Mall, the Cleveland Metropark and the Hoover Arena by Ice Land USA.
GLENVIEW, ILL. — Regency Centers Corp. has begun development on Glen Gate, a 102,876-square-foot retail center located in Glenview, a northern suburb of Chicago. A 75,564-square-foot Mariano’s Fresh Market, slated to open in fall 2014, will anchor the shopping center. The project will also include one outlot with an additional 24,000 square feet for retail and restaurants. Glen Gate will be located on two land parcels totaling 21 acres, 7.6 of which were sold by Regency to Atlantic Realty Partners, Focus Development and The Carlyle Group, which plan to build 238 luxury apartments north of the shopping center. Situated at the northeast corner of Waukegan and Golf roads, Glen Gate is surrounded by a population of approximately 140,000 within a three-mile radius. Regency currently has more than 300,000 square feet of retail shopping centers under construction in metro Chicago.
WINONA LAKE, IND. — Holladay Properties, a South Bend, Ind.–based commercial real estate firm, has been selected to develop an 80-bed, townhouse-style dormitory for Grace College and Seminary. The new dormitory will be located at the entrance to Grace’s main campus in Winona Lake, about 40 miles west of Fort Wayne. Grace College will master lease the project from Holladay Properties to provide on-campus housing for primarily upper-classmen.